On the daily chart, the GBP/USD pair continues to strengthen a bearish bias below the 1.5589 level, because this pair could not overcome the resistance level of 1.5698 and consolidated upward above that area. Now, the GBP/USD pair could find support at the 1.5512 level, where one bearish trend line is located on this chart. The MACD indicator is moving into the negative territory.
H4chart's resistance levels: 1.5698 / 1.5811
H4chart's support levels: 1.5589 / 1.5512
GBP/USD performed a pullback at the 200-day moving average, so this pair failed to consolidate over the resistance level of 1.5686 to start a new bullish bias on the H1 chart. Now, the GBP/USD pair is forming a lower high pattern below the resistance level of 1.5590 and is likely to fall to the 1.5534 level. The MACD indicator is entering the oversold area.
H1 chart's resistance levels: 1.5590 / 1.5632
H1 chart's support levels: 1.5534 / 1.5501
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5534, take profit is at 1.5501, and stop loss is at 1.5568.
The material has been provided by InstaForex Company - www.instaforex.com
